Diving into the rich pool

ASKED why he robbed banks, Willie Sutton, a hold-up artist of some accomplishment during America's Depression, answered simply: “Because that's where the money is.” Advanced economies that have piled up debts are eyeing their rich for similar reasons. The way to begin filling holes in the budget, many suggest, is by extracting more from those who have done best. This week Barack Obama proposed paying for new stimulus measures and deficit cuts by reforming the tax system to ensure that millionaires do not pay a lower tax rate than middle-class families.

Mr Obama's reform is based on the “Buffett rule”, so named after Warren Buffett, a folksy billionaire who publicly scorns a system that allows him to enjoy an effective tax rate that is less than his secretary's. A growing number of the rich appear to agree. Wealthy Germans and French have signed petitions in favour of higher taxes. Luca di Montezemolo, who sells Ferraris to many of them as chairman of the Italian sports-car company, told La Repubblica it was “right” for the rich to pay more. The broader public agrees. Even in tax-hating America, some two-thirds of voters support deficit-reduction plans that include higher tax rates for top earners.